2nd Aug 2021 13:36
Volution Group PLC - Crawley, England-based supplier of ventilation products - Signs agreement to buy Energy Recovery Industries for an initial payment of EUR23.4 million, with a further contingent payment of up to EUR12.4 million based on targets for the 2023 financial year. Aversa, Italy-headquartered Energy Recovery Industries manufactures aluminium heat exchanger cells for use primarily in commercial heat recovery ventilation systems.
An expansion plan is in progress at Energy Recovery Industries which will include the acquisition of adjacent land, extension of the factory and further investment in machinery and automation, to support ERI's growth ambitions, Volution highlights.
"We are delighted to reach agreement to acquire Energy Recovery Industries and to add this exciting low carbon technology to our group's capabilities," comments Volution Chief Executive Ronnie George.
"The combination of Volution's appetite to invest and the ERI team's expertise in this area of the market will make for an exciting combination."
Completion of the deal is conditional on approval of the Merger Authority in North Macedonia, and is expected to take around four to six weeks, Volution notes.
Current stock price: 475.00; up 0.5% on Monday
Year-to-date change: up 70%
By Will Paige; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Volution Group PLS